“I am pleased to see strong revenue numbers for February, indicating that Virginia’s economy remains on a strong path,” said Governor Northam. “While this shows that the Commonwealth continues to move in the right direction, we must also be cautious and mindful of the ongoing biennial budget negotiations and continuing uncertainty coming from Washington that reinforce the need to maintain a conservative approach as we move forward.”

Collections of payroll withholding taxes rose 11.8 percent in February. Collections of sales and use taxes reflecting January sales rose 3.6 percent in February. As the individual income tax filing season enters into full swing, the Department of Taxation issued $442.6 million in individual refunds in February compared with $429.5 million last year.